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September 9, 2006
Ratner's Nets arena project is housing-optional
Field of Schemes takes a look at Matthew Schuerman's recent article in the New York Observer:
"Phased construction" has actually been a byword of the project since the very first press conference, but according to Mr. Schuerman, even the "community benefits" package agreed to with the housing group ACORN allows that "the developers may change the development phases in their sole discretion prior to commencement of the first development phase." Brennan is pushing for Ratner to sign a binding lease with the state to guarantee that the housing will be built, while shrinking the overall size of the project by 34% - in exchange for $590 million in additional state subsidies.At least one fence-straddling local pol, famed white guy running for Congress in an African-American district David Yassky, took exception to this, and specifically the possibility that Ratner may have artificially boosted the project's size just to create leverage for more public cash. "It's typical of Forest City Ratner to inflate projections in order to get more public money from of the state," Yassky spokesperson Evan Thies told the Brooklyn Papers. "It's a deceitful way of doing business, and they should be committed to a project that works and can be vetted to the community."
Posted by amy at September 9, 2006 10:00 AM